Reuters Software firm Oracle on Thursday laid off hundreds of employees, rescinded job offers and cut back open positions within its health unit, the Insider reported, citing three people familiar with the matter.

The layoffs follow thousands of cuts in corporate America as companies wrestle with elevated levels of inflation and rising interest rates.

Oracle39;s health unit includes electronic medical records firm Cerner which it acquired for 28.3 billion, its biggest ever deal, in December last year.

The layoffs were largely due to Cerner39;s challenged work with the U.S. Department of Veterans Affairs, which hired Cerner to replace its homemade medical records with Cerner39;s technology, the report said.

The laidoff employees will receive severance pay equal to four weeks, plus one additional week for every year of service and a payout of vacation days, the report added.

Oracle did not immediately respond to a Reuters request for comment.

Reporting by Kannaki Deka and Samrhitha Arunasalam in Bengaluru; Editing by Maju Samuel

Source Reuters